CBS nears deal to buy half of TV Guide Network-reports

March 22, 2013|Reuters

NEW YORK, March 22 (Reuters) - CBS Corp is nearingan agreement to purchase about half of TV Guide Network,according to various media reports on Friday.

The New York-based mass-media company is expected to payabout $100 million to buy out the TV Guide Network stake held byOne Equity Partners, the private-equity arm of J.P. Morgan Chase& Co, the Wall Street Journal reported, citing peoplefamiliar with the matter.

OEP owns 49 percent of TV Guide Network, with an option tobuy another 1 percent. The report said a deal could be announcedas early as next week.

Independent film and television distributor Lions GateEntertainment Corp purchased TV Guide Network and TVGuide Online in 2009 for roughly $255 million and later sold thestake in both properties to OEP.

Lions Gate declined to comment. CBS was not immediatelyavailable for comment.